{"id":1376,"date":"2019-11-15T08:01:44","date_gmt":"2019-11-15T08:01:44","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/11\/15\/singapore-fines-swiss-banking-giant-ubs-8-million-for-deceptive-trades\/"},"modified":"2019-11-15T08:01:44","modified_gmt":"2019-11-15T08:01:44","slug":"singapore-fines-swiss-banking-giant-ubs-8-million-for-deceptive-trades","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/11\/15\/singapore-fines-swiss-banking-giant-ubs-8-million-for-deceptive-trades\/","title":{"rendered":"Singapore fines Swiss banking giant UBS $8 million for deceptive trades"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1765566\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/11\/ubs-1.jpg\" alt=\"ubs fined, ubs fine 2019, ubs singapore fine, singapore fines ubs 2019, ubs singapore fine\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/ubs-1.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1765566\" src=\"https:\/\/images.financialexpress.com\/2019\/11\/ubs-1.jpg\" alt=\"ubs fined, ubs fine 2019, ubs singapore fine, singapore fines ubs 2019, ubs singapore fine\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/ubs-1.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/ubs-1-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">UBS had raised concerns about malpractice by client advisors in Hong Kong and Singapore in 2016, prompting the central bank to launch a probe. (Reuters)<\/span><\/figure>\n<\/div>\n<p>Singapore has fined Swiss banking giant UBS Sg$11.2 million ($8 million) after investigations showed its advisors deceived clients about prices for bonds and other financial products. The city-state\u2019s central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors\u2019 actions and paid a civil penalty. \u201cThe conduct of UBS through its representatives is unacceptable and has no place in the financial services industry where trust and integrity are paramount,\u201d said Ong Chong Tee, deputy managing director, financial supervision, at MAS.<\/p>\n<p>Authorities took into account that UBS had agreed to compensate affected clients and cooperated fully during the investigation when they decided on the penalty, Ong said in a statement Thursday. UBS had raised concerns about malpractice by client advisors in Hong Kong and Singapore in 2016, prompting the central bank to launch a probe.<\/p>\n<p><strong>ALSO READ | <a href=\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/infrasofttech-plans-further-expansion-in-global-banking-market\/1765515\/\" target=\"_blank\" rel=\"noopener noreferrer\">InfrasoftTech plans further expansion in global banking market<\/a><\/strong><\/p>\n<p>Among problems discovered were that advisors failed to disclose \u2014 or made only partial disclosure \u2014 of price changes and overcharged clients, the bank said. The penalty relates to transactions executed from 2014 onwards in Singapore-managed accounts, it said. Earlier this week, Hong Kong authorities fined UBS HK$400 million ($51 million) for overcharging global customers for almost a decade.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-4106010851\"><div id=\"jobbi-3242309607\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] UBS had raised concerns about malpractice by client advisors in Hong Kong and Singapore in 2016, prompting the central bank to launch a probe. (Reuters) Singapore has fined Swiss banking giant UBS Sg$11.2 million ($8 million) after investigations showed its advisors deceived clients about prices for bonds and other financial products. The city-state\u2019s central [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1376"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1377"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}